Gold rallied for a fifth straight day on Monday, hitting a record high on uncertainties around the U.S. election, ongoing Middle East tensions, and expectations of central banks' interest rate cuts, while silver hit a near 12-year peak.

Gold and silver prices surged to record highs in the domestic futures market on Monday, October 21, 2024. Strong demand and global factors drove this rise. MCX

While gold prices have repeatedly set fresh record highs this year, silver has been rallying as well — with one analyst predicting that prices for the precious and industrial metal will reach $40 an ounce or more before the end of the year,

Gold prices surged to a record high on Wednesday as the conflicts in the Middle East and uncertainty surrounding the upcoming U.S. election spurred demand for safe-haven assets. Spot gold hit an all-time high at $2749.

Gold pared gains after reaching a fresh record high amid tensions in the Middle East and the approaching US presidential election.

Up roughly 30% in the past year, the metal has attracted a growing chorus of experts who believe its rise will continue long-term.